Embattled liquor tycoon Vijay Mallya to face bankruptcy proceedings in the UK High Court next year. A consortium of Indian banks in their attempt to recoup unpaid debt worth nearly 1.145 billion pounds has filed the case.
TLT LLP, a UK-based law firm which had won a landmark case for the 13 banks led by State Bank of India (SBI) earlier this year, confirmed that their bankruptcy petition against the 62-year-old businessman has been transferred to the insolvency list in London’s High Court of Justice. Paul Gair, partner at TLT said that the hearing is expected to take place in the Spring.
In a ruling in May, a UK High Court judge had refused to overturn a worldwide order freezing Mallya’s assets and upheld an Indian court’s ruling that the consortium of 13 Indian banks were entitled to recover funds amounting to nearly 1.145 billion pounds.